However, as the note holders agreed to a conversion price of $14.22, and the shares currently languish at $6.40 after the most unsuccessful IPO of the year, they may be tempted to collect their annual 5% interest rates and hope there a change in the company’s fortunes.
In another set-back for the company, it said that Hugh Panero, CEO of XM Satellite Radio had resigned from the Vonage Board, citing the demands of his role at XM. There are no plans to replace him.
